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CITY OF LAKE ELMO, MINNESOTA
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2023
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<br />NOTE 2 DETAIL NOTES ON TRANSACTION CLASSES/ACCOUNTS (Continued)
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<br />2.D. NONCURRENT LIABILITIES (Continued)
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<br />Annual Debt Service Requirements
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<br />At December 31, 2023, the estimated annual debt service requirements to maturity, including principal and interest and
<br />excluding compensated absences payable and net pension and OPEB liabilities, are as follows:
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<br />Interest expense totals $1,650,918 in the Statement of Activities (included in Debt Service, Water, Sewer, and Storm Sewer
<br />lines). Interest expenditures total $788,295 for the Statement of Revenues, Expenditures and Changes in Fund Balances –
<br />Governmental Funds (included in the line Interest and Other Charges) and $804,017 in the Statement of Revenues, Expenses,
<br />and Changes in Net Position – Proprietary Funds (included in the line Interest and Other Charges).
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<br />Years Ending
<br />December 31, Principal Interest Total Principal Interest Total
<br />2024 2,520,000$ 840,309$ 3,360,309$ 105,000$ 13,568$ 118,568$
<br />2025 2,770,000 748,837 3,518,837 110,000 10,665 120,665
<br />2026 2,655,000 663,554 3,318,554 110,000 7,695 117,695
<br />2027 2,570,000 580,626 3,150,626 115,000 4,656 119,656
<br />2028 2,330,000 500,179 2,830,179 115,000 1,551 116,551
<br />2029-2033 8,510,000 1,569,357 10,079,357 - - -
<br />2034-2038 6,080,000 568,813 6,648,813 - - -
<br />2039-2042 2,425,000 103,917 2,528,917 - - -
<br />Totals 29,860,000$ 5,575,592$ 35,435,592$ 555,000$ 38,135$ 593,135$
<br />Governmental Activities
<br />G.O. Improvement Bonds G.O. Equipment Certificates
<br />Years Ending
<br />December 31, Principal Interest Total Principal Interest Total
<br />2024 80,000$ 43,700$ 123,700$ 2,315,000$ 815,121$ 3,130,121$
<br />2025 85,000 39,575 124,575 2,355,000 738,521 3,093,521
<br />2026 90,000 35,200 125,200 2,410,000 666,583 3,076,583
<br />2027 95,000 30,575 125,575 2,480,000 592,238 3,072,238
<br />2028 95,000 25,825 120,825 2,565,000 514,600 3,079,600
<br />2029-2033 565,000 53,925 618,925 11,170,000 1,430,706 12,600,706
<br />2034-2038 - - - 4,820,000 299,074 5,119,074
<br />Totals 1,010,000$ 228,800$ 1,238,800$ 28,115,000$ 5,056,843$ 33,171,843$
<br />G.O. Tax Abatement Bonds G.O. Revenue Bonds
<br />Business-Type ActivitiesGovernmental Activities
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